We discussed last Thursday that Bitcoin was poised to deliver a buy signal.

Chart

 

Prior to last Thursday, Bitcoin had been in a daily uptrend that was characterized by lows forming above the lower daily cycle band and highs forming above the upper daily cycle band.  So if a swing low formed above the lower daily cycle band then Bitcoin would remain in its daily uptrend and trigger a cycle band buy signal, which happened last Friday.  

Now, Bitcoin delivered a second buy signal on Thursday.

Chart

 

Bitcoin closed above the upper daily cycle band on Thursday.  Closing above the upper daily cycle band resumes the daily uptrend and triggers a second cycle buy signal.  

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD will not hit $8,000 unless it falls to $5,000 first

Bitcoin price attempt to climb the ladder above $7,000 was met by increased selling activities in the zone between $6,800 - $6,900. This left the psychological zone at $7,000 untested, however, the area remains critical to Bitcoin price near term trend.

More Bitcoin News

NEO/USD struggles to settle above $7.00 as the upside momentum fades away

NEO, now the 2nd largest digital asset with the current market value of $492 million, is hovering around psychological $7.00. The coin has gained over 2% on a day-to-day basis, however, the upside momentum has faded away during early Asian hours.

More Ripple News

Ethereum Price Analysis: ETH/USD has to decide where from here

Ethereum, the second-largest digital asset with the current market value of $15 billion, the tested area above $142.00 before retreating to the current levels.

More Ethereum News

XRP/USD vulnerable to downside correction

Ripple (XRP) has been the best-performing altcoin out of top-20 in recent 24 hours, The coin tested $0.1800 during late Thursday hours and managed to settle above $0.1700 on Friday. Ripple's total market capitalization is registered at $7.5 billion.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Coronavirus will either kill Bitcoin or make it stronger

Bitcoin is about to finish the second positive week in a row. The first digital coin has recovered from $5,680 and came close to psychological $7,000 during the week.

Read the weekly forecast

BTC

ETH

XRP